Western Union and NymCard collaborate on money transfers in the UAE

Friday 28 October 2022 10:40 CET | News

Western Union has partnered with UAE-based BaaS provider NymCard to enable fintechs and FIs in the UAE to offer international money transfers through the former’s platform.



NymCard is a regulated modern payment-issuing and processing platform connecting fintechs, large enterprises and banks. The company’s infrastructure enables these institutions to expand their capabilities by embedding seamless financial solutions onto their platforms.

In addition, by adding remittance services to their Banking-as-a-Service (BaaS) proposition, NymCard can now offer a wide range of services to fintechs looking to create seamless experiences for their end consumers in a fast and digital manner.

Western Union has partnered with NymCard to enable fintechs and FIs in the UAE to offer international money transfers through the former’s platform.

One integration to enable cross-border transfers

Today’s partnership announcement means that financial institutions plugged into NymCard can offer their customers access to the Western Union money transfer platform to send money to their loved ones internationally. Once the integration is complete, customers will be able to send money transfers into billions of bank accounts in over 130 countries and territories, or to Agent locations for payout in cash in over 200 countries and territories.

Officials from Western Union said that sector-wide interoperability through plug-and-play models are increasingly gaining traction. They have been investing in their platform and capabilities to seamlessly integrate third parties, enabling them to become a unique partner for money movement, scaling global connectivity across organisations in telecom, tech, and financial services. Through the collaboration with NymCard, Western Union will enable more financial institutions in the UAE to conveniently move money to more than 200 countries and territories through a single integration point.

Continuously delivering innovation for the end user

According to industry research, the global fintech market was valued at USD 112.5 billion in 2021 and is projected to reach USD 332.5 billion by 2028. The UAE has been steadfast in driving a culture of innovation and entrepreneurial mindset, establishing fintech adoption and growth as ones of its national priorities. In 2020, the Central Bank of the UAE launched its fintech office to develop a mature fintech ecosystem with the country, with the ambition to be globally relevant

NymCard’s officials stated that they believe inclusive economies can be built through innovation and collaboration. They have always invested in financial partnerships that spur growth, enhance the company’s technology offering and form meaningful relationships. They are happy to come together with Western Union, enabling connections to more than 200 countries and territories. This collaboration will provide a truly inclusive offering that leaves no one behind.

Western Union has been operating in the UAE for almost 30 years. The company is committed to fostering greater access and financial inclusion. It continues to leverage its omnichannel strength, forging new partnerships across multiple sectors and tapping into new markets and engaging new customers.

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Keywords: money transfer, partnership, remittance, fintech, Western Union
Categories: Payments & Commerce
Companies: NymCard, Western Union
Countries: United Arab Emirates
This article is part of category

Payments & Commerce



Western Union

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